LA Luxe Home Weekly Contract Volume Jumps to $300M in Deals

Los Angeles County home sellers have jumped back into the market and are taking a big bite out of the high end.

Signed contract volume increased last week with 28 homes going into contract, equating to $301.3 million in asking dollar volume, according to the Eklund Weekly Luxury Report Los Angeles. The activity compares to 26 contracts penciling out to $186.8 million in volume reported by Douglas Elliman’s Eklund Gomes team in the week ended Jan. 19.

The report takes stock of signed contracts and new active listings of homes and condos in the MLS starting at a $4 million threshold.

Eklund Gomes’ Marcy Roth noted L.A.’s luxury market “appears to be taking off” based on last week’s activity.

Fallout from the Palisades and Eaton fires may figure in the uptick.

“The almost complete devastation of the fires appears to have compelled sellers who were on the fence to enter into the market and list properties they might otherwise not have listed,” Roth said. “And the buyer pool seems buoyed by people looking to secure a place to live while they decide what direction they will go.”

At the top of last week’s signed contracts is 942 North Alpine Drive in Beverly Hills, with a $62 million asking price.

Christie’s International Real Estate Southern California’s Aaron Kirman and Carolwood Estates’ Linda May have the listing.

The seller is a trust tied to Stephen Paul and his wife Nancy Paul, who bought the property in 2006, according to property records. Stephen Paul’s family is a minority owner in the Pittsburgh Steelers and also founded steel maker Ampco-Pittsburgh.

Nicknamed Villa Oliva, the home with more than 12,000 square feet counts six beds and seven baths. The gated property includes a courtyard, vaulted ceilings, pocket doors, billiard room, theater, tennis court and infinity pool, according to the listing.

Christie’s Kirman is also representing the seller for last week’s second largest property that went into contract. The Bel-Air estate, located at 1050 Stradella Road, is listed at just under $29 million.

Kirman holds the listing with The Agency’s Santiago Arana.

Spec development and design firm Maman Properties is the seller, according to property records. The company, helmed by David Maman, handles both residential and commercial projects in Los Angeles.

The new build originally hit the market in March for $33.8 million. It has seven beds and 16 baths across 16,500 square feet. Indoors, the home has ocean views, a gym, office and parking for as many as eight cars, according to marketing materials. Outside, there’s an infinity pool and olive trees.